Oil prices climbed higher as a battle for Libya’s Sidra and Ras Lanuf ports delays crude shipments Crude oil prices rose over 1% this morning as fighting for one of Libya’s key oil ports delayed shipments out of the country. The Libyan ports of Sidra and Ras Lanuf changed hands twice over the weekend, preventing oil shipments from departing, and
Libya and Nigeria hope to restart exports that could add substantially to the global glut Both the IEA and OPEC pushed out their forecasts for market balance this week as supply continues to prove resistant to the drop in crude oil prices. Even more crude oil could come back to the market from Libya and Nigeria in coming days, however,
Libya’s national oil company confirms 660 MBO shipment from Hariga port Oil prices have resumed a familiar behavior: volatility. In the past five days or so, WTI has traded below $46.50 and pushed toward $49 on the 18th and 19th, with a downtick today below $48. Analysts cite unknowns in Canada and an agreement between opposing factions in Libya. Some
Wildfires burning out of control in Fort McMurray Fort McMurray, the heart of much of Canada’s heavy oil sands production, has been evacuated due to a wildfire burning out of control in and around the city. The evacuations have forced the oil sands operations in the surrounding area to lower production as works and their families flee to safety. Operators
Countries that Need Revenue Want to Produce and Sell their Oil Before Gaddafi was removed from power as Libya’s chief, the country produced almost 1.6 MMBOPD. Today that number stands at just 436 MBOPD, according to Mustafa Sanallah, chairman of Libya’s National Oil Corp. (NOC). “For the last three years, the other members, not only from OPEC but the others,
Oilfields in Libya continue to be a target for rival forces Militants from Libya’s Islamic State (ISIS) affiliate abducted nine foreigners, including four Filipinos, in an attack on a central oilfield last week and beheaded eight Libyan guards, reports the BBC. The Austrain foreign ministry in Vienna said ISIS had attacked the al-Ghani oil field, located about 440 miles south-east
Libya’s National Oil Company has declared force majeure on eleven oilfields Libya’s state-run National Oil Corporation (NOC) declared force majeure on eleven of its oilfields Wednesday due to the deteriorating security situation in the country, reports Reuters. The country’s oilfields are being increasingly targeted as rival governments seek to gain control of the country’s main source of income. In
Libya Getting Back on its Feet, For Now Libya’s National Oil Corporation (NOC) said today that its Arabian Gulf Oil Co. (AGOCO) unit restarted production at the Sarir field in the east of the country. Statistics released from Libya’s National Oil Corporation last week showed production from the country is down 80% since 2011, due to disruptions in fields like
Statistics released from Libya’s National Oil Corporation show January’s production was 80% below output in 2011 Ongoing conflict in Libya is preventing the country from maintaining output, a very serious problem considering the majority of the state’s revenues come from oil and gas revenue. During an interview with National Public Radio, Mustapha Sanallah, Chairman of Libya’s National Oil Corporation (NOC),
Algeria cuts spending to offset falling oil prices Algeria’s oil minister, Youcef Yousfi, on Sunday called on OPEC to cut production in order to raise oil prices and defend smaller producers in the cartel. The country is struggling to deal with oil prices losing nearly half their value in the last six months as other OPEC members keep production levels
Fighting between factions in Libya threatens another port in the embattled country Fighting between Libya’s competing governments has spread to a third oil port, curbing gas exports to Italy and cutting crude production to less than what is necessary to cover the country’s own domestic requirements, Reuters reported. Libya has had two governments and parliaments since a group called Libya
According to a recent survey by Reuters, OPEC’s oil output dipped to a two-year low, falling from 30.32 MMBOPD in August 2013 to 30.07 MMBOPD in September 2013. The survey comes despite the fact that Saudi Arabia, the world’s largest oil exporter, has not weaned its production and continues to export more than 10 MMBOPD. The September 2013 OPEC output
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